Persistent Systems stock split: Mid-cap IT firm fixes record date for share split

Persistent Systems share split record date: Persistent Systems' board fixed its record date for the share split. The IT services provider has fixed Monday, April 1, 2024, as the record date to determine the eligibility of shareholders.

"We wish to inform that the Company has fixed Monday, April 1, 2024 as the ‘Record Date’ for determining the entitlement of Equity Shareholders for the purpose of Sub-Division/Split of existing Equity Shares of the Company, such that existing 1 (One) Equity Share having a face value of INR 10 (Ten) each into 2 (Two) Equity Shares of INR 5 (Five) each, fully paid up, ranking pari passu in all respects," the IT company's board on March 13 announced post market hours.

Persistent Systems share split

In January, the company announced a share split in the proportion of 2:1, i.e., one equity share with a face value of Rs 10 to be split into two equity shares with a face value of Rs 5.
"the Board of Directors at its meeting, held on January 20, 2024, commenced at 0800 Hrs (IST) and concluded at 1532 Hrs (IST), the proposal of sub-division/split of the existing Equity Shares having a face value of INR 10 each, fully paid up by alteration of the Capital Clause of the Memorandum of Association of the Company has been approved by the Board of Directors subject to the approval of Members of the Company," the regulatory filing dated January 20 read.

On the ex-split date, investors holding the stock till the record date will receive the new shares in demat accounts and the stock price will be adjusted according to the split ratio.

Persistent Systems share price history

Persistent Systems shares over the last 12 months have rallied over 80 per cent, outperforming a rise of around 30 per cent each in the Nifty50.

Summary of Persistent Systems’ Q3 results

The IT firm reported an 8.7 per cent sequential increase in consolidated net profit to Rs 286.1 crore for the quarter ended December 31, driven by a strong order book. Its quarterly revenue grew 3.6 per cent on a quarter-on-quarter basis to Rs 2,498.2 crore.

The company's margin, a key measure of profitability, improved by 80 basis points sequentially to 14.5 per cent. Zee Business analysts had pegged Persistent Systems’ quarterly net profit at Rs 280 crore, revenue at Rs 2,498 crore, and margin at 14.2 per cent.

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